Keystone Point Real Estate Market Report – April 2019
How is the Keystone Point Real Estate Market Doing?
There are currently 50 Keystone Point homes for sale: (compared to 47 in March)
- Highest priced listing: $5,195,000 for the bay-front corner lot at 12600 Biscayne Bay Dr with 265′ of water frontage
- Lowest priced listing: $597,000 for the non-waterfront home at 1805 N Hibiscus Dr
- Pending Sales (properties under contract): 7
- Closed sales in April: 7 (compared to 3 in March)
- Median Sales Price in April: $875,000
The Keystone Point homes sold in April were the following:
- 12630 Ixora Rd – dry-lot home with 3 bedrooms / 2 bathrooms, 1,562 SF on 9,375 SF lot. Originally listed in June of 2016 for $469,040, appearing as under contract since March of 2019 and selling for $416,500 ($267/SF) **cash transaction
- 2005 S Hibiscus Dr – dry-lot home with 3 bedrooms / 2 bathrooms, 1,570 SF on 10,881 SF lot. Originally listed for $615,500 in September of 2018, had several price reductions and sold for $527,500 ($336/SF)
- 2185 NE 124 St – dry-lot home with 4 bedrooms / 2 bathrooms, 2,519 SF on 11,250 SF lot. Listed for $639,000 in February and selling for $462,500 ($184/SF) **cash transaction
- 1965 Ixora Dr – 4 bedrooms / 3 bathrooms, 2,874 SF on 8,925 SF lot with 75′ of water frontage. Originally listed for $1,250,000 in June of 2018, with several price reductions and selling for $875,000 (It was relisted for $969,999 in November and canceled less than 2 weeks later) – ($328/SF)
- 13200 Coronado Ter – 3 bedrooms/ 3 bathrooms, 2,599 SF on 9,375 SF lot with 75′ of water frontage. Listed for $1,150,000 in November of 2018 and sold for $1,070,000 ($412/SF)
- 12615 Cyprus Rd – 4 bedrooms / 4 bathrooms, 3,578 SF on 10,558 SF lot with 130′ of water frontage. Originally listed for $1,325,000 in February of 2018, shows contract that fell through and finally sold for $1,200,000 ($335/SF)
- 13050 Arch Creek Ter – completely remodeled 5 bedrooms / 4 bathrooms, 3,732 SF on 10,000 SF lot with 58′ of water frontage. Originally listed for $1,700,260 in January of 2018, had several price reductions and closed for $1,515,000 ($406/SF) **cash transaction
Keystone Point Price per Square Foot
The average sold price per square foot in Keystone Point, for homes on the water, in April was $370. The average price per square foot in the last 2 years has been:
- March’s average $434
- February’s average $395 (one sale)
- January’s average $421 (one sale)
- 2018’s average of $476
- 2017’s average of $421
Keystone Point’s Market Action Index increased to 26, which is a great sign for the area with an obvious drop in inventory. Once inventory is consumed, we should see upward pressure in pricing.
Slight Buyer’s Advantage
Home sales have been exceeding new inventory for several weeks. Since this is a Buyer’s market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller’s zone, and we are likely to see upward pressure on pricing
Keystone Point’s monthly average have been fluctuating quite a bit and has to do with the type of inventory being sold. We like to remind you that real estate is ultra local and even within a small community like Keystone Point, the location within the island, canal frontage and home condition, will determine the final price.
We are seeing more interest in homes that need updating but keep in mind that because it’s a buyer’s market, those homes will need to be priced under the average market price.
If you want a no-obligation home value report for your property, please visit MiamismVALUE.com and we’ll be happy to send you a personalized report. Or you can simply call me, I do answer my phone (305) 206-9366.
To see our real-time market reports, please visit MiamismTrends.com or Click HERE.